CFTC Finalizes Dodd-Frank Rulemaking on Customer Clearing Documentation, Timing for Acceptance of Clearing, and Clearing Member Risk Management

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On Tuesday, March 20, 2012, the U.S. Commodity Futures Trading Commission (CFTC) approved a final rule (the “Final Rule”) regarding customer clearing documentation, timing of acceptance of swaps for clearing, and clearing member risk management. Late last week, the CFTC published the Final Rule on its website, but the Final Rule has not yet appeared in the Federal Register. CFTC staff has also posted additional information about the Final Rule in a Fact Sheet and Q&A on its website.

The Final Rule is based on four separate proposed rules: (1) customer clearing documentation; (2) timing of acceptance of swaps for clearing; (3) allocation of bunched orders; and (4) clearing member risk management. Except for the addition of clarifying language in several instances, the Final Rule is substantially similar to the rules as they were initially proposed.

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